Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Average Recommendation of "Moderate Buy" from Brokerages

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven ratings firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $14.67.

A number of equities analysts have recently issued reports on COGT shares. Robert W. Baird increased their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, September 5th. JPMorgan Chase & Co. decreased their price objective on Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating on the stock in a report on Wednesday, August 7th. Wedbush reaffirmed a "neutral" rating and set a $11.00 price target (up previously from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Needham & Company LLC reissued a "buy" rating and set a $18.00 target price on shares of Cogent Biosciences in a research report on Wednesday, August 7th. Finally, HC Wainwright reduced their price objective on Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, September 3rd.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds have recently made changes to their positions in COGT. Point72 Asset Management L.P. grew its position in Cogent Biosciences by 56.8% in the second quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company's stock worth $88,265,000 after buying an additional 3,794,150 shares during the last quarter. SkyView Investment Advisors LLC grew its holdings in shares of Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company's stock worth $105,000 after acquiring an additional 2,500 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Cogent Biosciences by 14.5% during the second quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company's stock worth $301,000 after purchasing an additional 4,528 shares during the period. Deerfield Management Company L.P. Series C lifted its holdings in shares of Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company's stock valued at $31,564,000 after purchasing an additional 2,209,918 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Cogent Biosciences by 34.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company's stock valued at $1,135,000 after purchasing an additional 34,655 shares during the period.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock traded up $0.03 during trading hours on Wednesday, reaching $10.71. 1,293,267 shares of the company were exchanged, compared to its average volume of 1,516,568. The firm has a market cap of $1.17 billion, a PE ratio of -4.32 and a beta of 1.70. The stock's fifty day moving average is $9.54 and its 200 day moving average is $8.15. Cogent Biosciences has a 1 year low of $3.67 and a 1 year high of $12.48.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the business earned ($0.59) earnings per share. Research analysts expect that Cogent Biosciences will post -2.25 earnings per share for the current year.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.